A poll by Ignites, though, shows that they’re generally navigating the waters well – so far. Peter Ortiz reports that 37% of respondents said they are "very satisfied" with the company’s current leadership. Another 15%, however, said they were "dissatisfied." But 48% said they were either "satisfied" or "somewhat satisfied."

Although these are high marks, there are still professionals and individuals who will be watching the ICI closely in the coming months to see how the group will work to benefit the ETF industry.

While they’re still only a fraction of the total fund industry, ETFs are the fastest-growing segment, and it’s got the mutual fund companies quaking in their boots. Last month, the industry finally got the increased attention it had been seeking from the ICI, but it still had many wondering about the motives behind it.

Some suspected that it was because the ETF industry had been talking about forming their own trade group, and the ICI’s move was just an effort to head that off.